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Nov 29, 2012
11/12
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the deal is to avoid a series of tax increases, and spending cuts that many believe would be a fiscal cliff that would kick in on january the 1st. chief congressional correspondent mike emanuel is watching it all unfold on capitol hill. what do we know about the visit about the expectations for what might happen during it. >> reporter: martha, timothy geithner arrived here on capitol hill a short time ago to meet first with senate majority leader harry reid. we know he's having individual meetings with the top four leaders of congress. what republicans have said they want to hear, and republicans will be critical, because they need republican support to get any final fiscal cliff deal through the senate, and also through the house, they say they hope that he's coming with concrete spending cut ideas that are acceptable to the administration. one of the meetings today will be with senate republican leader mitch mcconnell who a short time ago sounded pretty fired up. >> the only reason democrats are insisting on raising rates is because raising rates on the so-called rich is the holy gr
the deal is to avoid a series of tax increases, and spending cuts that many believe would be a fiscal cliff that would kick in on january the 1st. chief congressional correspondent mike emanuel is watching it all unfold on capitol hill. what do we know about the visit about the expectations for what might happen during it. >> reporter: martha, timothy geithner arrived here on capitol hill a short time ago to meet first with senate majority leader harry reid. we know he's having individual...
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Dec 26, 2012
12/12
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he is heading back from hawaii to washington tonight to work on a deal to avoid the fiscal cliff. with only days left before the automatic tax hikes and spending cuts kick in, is a compromise even possible? stephen hayes joins us. senior writer, "the weekly standard." is it possible? >> hey, gregg. yeah, look, i think it's possible. i thought all along for more than a month we were likely to see some last minute, slap dash kind of unsatisfying deal thrown to won't actually do anything to solve the long-term problems but get politicians out of the bind. gregg: like what? >> like something that extends the bush tax rates for those making $250,000 in the last, maybe amt patch, but won't deal with entitlement spending won't deal with long term issues we have to deal with as a country if we're actually serious about changing the trajectory of our debt. gregg: i'll sure you saw john barosso who said the president is eager to go over the cliff. he wants to go over the cliff. what do you think? >> well i think there are political incentives for the president to do just that. if you think
he is heading back from hawaii to washington tonight to work on a deal to avoid the fiscal cliff. with only days left before the automatic tax hikes and spending cuts kick in, is a compromise even possible? stephen hayes joins us. senior writer, "the weekly standard." is it possible? >> hey, gregg. yeah, look, i think it's possible. i thought all along for more than a month we were likely to see some last minute, slap dash kind of unsatisfying deal thrown to won't actually do...
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Dec 20, 2012
12/12
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both parties hoping for an agreement to avoid going over fiscal cliff. president obama, house speaker john boehner are leaving door for more negotiations. if they do not reach an agreement, tax hikes affecting all americans and drastic spending cuts take effect. a house vote is set today for speaker boehner's plan b. senate democrats said it has no chance of passing on senate side. that is challenge. we'll get a live report what is happening with that in few moment. >> we have a brand new snapshot on the unemployment situation in the country. number of americans applying for unemployment benefits rising the first time in four weeks up 17,000, to seasonally adjusted 361,000 walked into unemployment offices around the country and filed for very first time out of a job and ready to collect. let's bring in stuart varney, the anchor of "varney & company" on the fox best network. stuart, good morning. what do you think of this number today. >> we're bumbling along. we're bumbling along, same ol' same ol'. we're repeating same pattern. economy looks okay in the
both parties hoping for an agreement to avoid going over fiscal cliff. president obama, house speaker john boehner are leaving door for more negotiations. if they do not reach an agreement, tax hikes affecting all americans and drastic spending cuts take effect. a house vote is set today for speaker boehner's plan b. senate democrats said it has no chance of passing on senate side. that is challenge. we'll get a live report what is happening with that in few moment. >> we have a brand new...
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Sep 14, 2012
09/12
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we talk about the fiscal cliff. there he is with john boehner yesterday afternoon. this postpones what was shaping up to be another showdown over the government shutdown after the election. the new deadline will be in the spring as soon as the senate aproves it next week and on and on kicking the can wherever it goes down the road. bill: that is the sound you heard on the sidewalk, right? so where are we now with these rapid developments in the middle east and north africa? and what about the u.s. response? randy forbes, republican from virginia and member of the house armed services committee. well kel. what are we going to do about this? >> bill, obviously the first thing we have to do is assess all the facts and make sure we have those before we make any kind of reaction but i think what we're going to see that the administration foreign policy is collapsing across the world right now. the president came in and told us people in the middle east would love us more. i don't think exactly what we're seeing when we look at these news clips. the other thing we're find
we talk about the fiscal cliff. there he is with john boehner yesterday afternoon. this postpones what was shaping up to be another showdown over the government shutdown after the election. the new deadline will be in the spring as soon as the senate aproves it next week and on and on kicking the can wherever it goes down the road. bill: that is the sound you heard on the sidewalk, right? so where are we now with these rapid developments in the middle east and north africa? and what about the...
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Nov 16, 2012
11/12
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economy go over, oh, boy, that so-called fiscal cliff? hmm, it says here that cheerios helps lower cholesterol as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios why? because i'm gonna make the call to switch to a new medicare prescription drug plan. i want a plan that covers the medications i take. and i want getting my medications to be convenient. and i want low copays. really low copays. [ male announcer ] choose an aarp medicarerx plan from unitedhealthcare. unitedhealthcare understands your needs. that's why when you switch you'll say hello to savings... hello to value... hello to a part d plan that's there for you. enroll right over the phone or call now for your free information kit. it includes this guide to part d and aarp medicarerx plans. i can choose a plan with no deductible or low monthly premiums. either way, i can use my savings for other, better things. oh yeah, my wife's birthday is coming up. [ male announcer ] open enrollment ends december 7th. so call
economy go over, oh, boy, that so-called fiscal cliff? hmm, it says here that cheerios helps lower cholesterol as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios why? because i'm gonna make the call to switch to a new medicare prescription drug plan. i want a plan that covers the medications i take. and i want getting my medications to be convenient. and i want low copays. really low copays. [ male announcer ] choose an aarp...
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Nov 15, 2012
11/12
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it is so-called fiscal cliff. put it up on the screen. 158 million americans would be affected by this. the average household, $3500 a year in tax increases. you're talking about 88% of the households are going to see tax increases. if i read the cbo report correctly, they say this will drive us right back into another huge recession, right? >> well you've got two cbo reports. the one you're referring to says, yes, you go over that fiscal cliff, massive tax increases and big spending cuts. you will go into recession. a separate report looks just at what happens if we raise taxes on the top 2%. just on the rich, the top 2%. if we do that, we lose 200,000 jobs next year. factor that into the employment situation, gregg. it's not pretty. gregg: it is not. stuart varney, thanks very much. there is the number, a lot of zeros after that too. stuart, thanks very much. martha: put it in context for you. since december of 2007, weekly jobless claims stayed above 300,000. you can see the big spike in early 2009. economist s
it is so-called fiscal cliff. put it up on the screen. 158 million americans would be affected by this. the average household, $3500 a year in tax increases. you're talking about 88% of the households are going to see tax increases. if i read the cbo report correctly, they say this will drive us right back into another huge recession, right? >> well you've got two cbo reports. the one you're referring to says, yes, you go over that fiscal cliff, massive tax increases and big spending...
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Nov 30, 2012
11/12
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that is the fiscal cliff. we shouldn't be dealing with other issues that are long term in order to avert the cliff as it were. that is immediate crisis. we have long term situation --. bill: but you know when lawmakers get a little bit of rope, you know, when they get time to think about it and push it off to the next year, it never gets done. this budget proposal, there are many who wonder whether or not even democrats could support it. the last budget that came from the white house went to the senate, it went 98-0 against it. no one voted for it. melissa: well, that was kind of a tricky parliamentary issue as well but, i do take issue with one thing, the idea we haven't dealt with entightments. we had two years, a year and a half we debated medicare. we made significant changes in medicare. we just had a campaign which republicans including governor romney time after time after time charged that we had cut $616 billion in spending out of medicare and we reformed the program. we have looking toward new ways t
that is the fiscal cliff. we shouldn't be dealing with other issues that are long term in order to avert the cliff as it were. that is immediate crisis. we have long term situation --. bill: but you know when lawmakers get a little bit of rope, you know, when they get time to think about it and push it off to the next year, it never gets done. this budget proposal, there are many who wonder whether or not even democrats could support it. the last budget that came from the white house went to...
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Dec 5, 2012
12/12
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martha: west virginia senator joe manchin, a democrat discussing the fiscal cliff, social security within medicare. he believes they must be run more efficiently. >> last year the office of budget management says $115 billion was misspent. that's a tremendous savings right there. they are both much lower than everyone says we need. all economists say we need a minimum of $4 trillion or greater swing. that means a combining of many things. i think both of them are in the two or not much more than two or lower than two. that only goats you halfway there. i don't know how we got off track of what we really need to fix this. martha: he argues the economy is ready to take off if people would just stop playing the blame game. bill: one of the changes that may be coming is the reduction in the mortgage interest rate duck you can claim. but according to the i.r.s. only a small percentage of americans claim it after all. all. 37% in maryland and 15% in north dakota. 73 per of americans are opposed to changing that. martha: the owner of popular restaurant chains claims complaints about obama-care h
martha: west virginia senator joe manchin, a democrat discussing the fiscal cliff, social security within medicare. he believes they must be run more efficiently. >> last year the office of budget management says $115 billion was misspent. that's a tremendous savings right there. they are both much lower than everyone says we need. all economists say we need a minimum of $4 trillion or greater swing. that means a combining of many things. i think both of them are in the two or not much...
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Jun 8, 2012
06/12
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now there are two big, what we call fiscal cliffs this economy is going over an january 1st. one is the spending cuts which i actually think will help the economy. you showed the debt clock. my gosh, we have $15.5 trillion national debt. we have it start bringing the deficit down. the other one is the tax rate increases. i think, gregg, those are the bigger problem for the economy because i don't think the economy can take the blow of higher capital gains, higher dividend, higher investment taxes next year. >> i think it is $55 billion in defense spending will be cut and rest of it, up to 109 billion. >> right. gregg: would be domestic programs, right? >> but remember --. gregg: does that mean lost jobs? >> no. gregg: no lost jobs over that. >> there will be some dislocation cutting spending but if you agree with the premise that one of the greatest problems in our nation is national debt and overspending in washington when will we get serious about it. i've been in washington, gregg, for 30 years. they always say cut spending now and we'll get to it. these cuts are exactly t
now there are two big, what we call fiscal cliffs this economy is going over an january 1st. one is the spending cuts which i actually think will help the economy. you showed the debt clock. my gosh, we have $15.5 trillion national debt. we have it start bringing the deficit down. the other one is the tax rate increases. i think, gregg, those are the bigger problem for the economy because i don't think the economy can take the blow of higher capital gains, higher dividend, higher investment...
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Nov 27, 2012
11/12
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cliff are stuck on the issue of raising taxes and cutting entitlement spending. despite the pre holiday optimism republicans and democrats are seeing who blinks first it appears. i'm martha maccallum. bill: i'm bill hemmer. good morning. good morning to you. martha: hello there. bill: we know there is no set meeting on the schedule for the white house for the president to sit down with congressional leaders. they talked on the phone on the weekend. all that can change by the day. the president will appeal to americans, some of them to put pressure on maker lawmakers. republicans indicating you do not need to raise tax rates to get to the deficit. >> we ned we need a realistic chance for it to pass congress. >> he will not extend the bush-era cuts for those making more than $250,000. he's made that clear. i've made that clear, others have made it clear that is a firm position. martha: joining us now from the white house is molly henneberg. why the public offensive from the president at this point. >> reporter: the election is over. the end of the year is drawing n
cliff are stuck on the issue of raising taxes and cutting entitlement spending. despite the pre holiday optimism republicans and democrats are seeing who blinks first it appears. i'm martha maccallum. bill: i'm bill hemmer. good morning. good morning to you. martha: hello there. bill: we know there is no set meeting on the schedule for the white house for the president to sit down with congressional leaders. they talked on the phone on the weekend. all that can change by the day. the president...
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Nov 28, 2012
11/12
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it's so ridiculous it makes you want to jump over the fiscal cliff. in terms of raising the debt limit again. let me put this out there. the reason for that is they don't want to go through this exercise of talking about spending cuts. >> the other part of what i was going to say many democrats want to reform entitlements as long as it doesn't hurt beneficiaries. if you are going to talk to me about tax raising. we are talking about the bush clauses, the bush taxes which are supposed to end after 9 years because they knew there would be huge deficits after that. >> this is not even serious. everybody agrees taxes are going up. taxes are going up on rich people period. the real question is how are you going to pull back on spending? we have a debt larger than our economy because of spending, specifically medicare spending. they are totally unwilling and unserious to even have the conversation. >> let's talk about that issue allen brought up. i had representative chris van hollen on here yesterday. what about slowly raising the age from the future. gett
it's so ridiculous it makes you want to jump over the fiscal cliff. in terms of raising the debt limit again. let me put this out there. the reason for that is they don't want to go through this exercise of talking about spending cuts. >> the other part of what i was going to say many democrats want to reform entitlements as long as it doesn't hurt beneficiaries. if you are going to talk to me about tax raising. we are talking about the bush clauses, the bush taxes which are supposed to...
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Jun 12, 2012
06/12
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a lot of people are saying it will bring us to a fiscal cliff. i won't be surprised if the administration comes up with new ideas. we'll see what they do on thursday. senator, thank you. always good to see you. >> have a good day. rick: coming up in a few minutes at the top of the hour "happening now." my buddy general a jenna lee has a look. >> reporter: the great recession slashing the net worth of the american family to levels not seen in 20 years. how will we recover? we'll have the white house that sk question. if the supreme court strikes down the healthcare law which candidates benefits in november? you may be surprised as to what analysts think about that. one city is taking on sugary drinks. will we see this as a trend across america and will it work? big questions today on "happening now" coming up in a few moments. [ male announcer ] you sprayed them. thought they were dead. huh? [ male announcer ] should've used roundup. it kills weeds to the root, so they don't come back. roundup. no root. no weed. no problem. [ slap! ] [ slap! slap!
a lot of people are saying it will bring us to a fiscal cliff. i won't be surprised if the administration comes up with new ideas. we'll see what they do on thursday. senator, thank you. always good to see you. >> have a good day. rick: coming up in a few minutes at the top of the hour "happening now." my buddy general a jenna lee has a look. >> reporter: the great recession slashing the net worth of the american family to levels not seen in 20 years. how will we recover?...
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Oct 26, 2012
10/12
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but maybe they wanted to get it done before we hit the fiscal cliff. maybe it is to boost economic output before the election. which is certainly what i suspect some republicans are going to say. i do not think this is a number that you can boost with the obama campaign, and it continues a sense that we are in a very slow and tepid recovery. martha: when you look at some of these polls out there, president obama below the 50% level. when you look historically, that is a significant place for an incumbent to be. when you go state by state in the swing states, president obama does seem to maintain a slim edge in several of those. how close do you think this is going to go? how is the over all things dealing to you at this point, 11 days out, chris? >> one of two things is going to happen. either it will be a nail biter right to the end, if i had to guess, that is what i guess it would be. it is so close in these swing states, but it really is a question of turnout. if it is one or two points, it doesn't matter. at that point, it becomes a matter of groun
but maybe they wanted to get it done before we hit the fiscal cliff. maybe it is to boost economic output before the election. which is certainly what i suspect some republicans are going to say. i do not think this is a number that you can boost with the obama campaign, and it continues a sense that we are in a very slow and tepid recovery. martha: when you look at some of these polls out there, president obama below the 50% level. when you look historically, that is a significant place for an...
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Nov 20, 2012
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we are less than six weeks from the fiscal cliff that we've been discussing a lot in recent days. what exactly is on the chopping block, in terms of real spending cuts as they start to make some kind of negotiations here we hope. chief congressional correspondent michaele salahi emanuel is live. 16trillion and counting is the debt. what are she's lawmakers perhaps making cuts in. >> you can cut individual perhaps from congressional spending but it won't amount to what is needed. here is what to cut starting with entitlements. >> if you're 14 years old and you're hoping you'll have medicare or social security the future looks very, very bleak for you unless we deal with this issues. there are a number of things that can be done but you've got to start with what is driving the cost. >> i'm not being critical but the department of defense can in my estimation have some cuts, and it's not fatal at all, because there has been a large growth as far as the contracting, and the amount of private contractors, and the amount of money we pay private contractors. >> reporter: both senators ar
we are less than six weeks from the fiscal cliff that we've been discussing a lot in recent days. what exactly is on the chopping block, in terms of real spending cuts as they start to make some kind of negotiations here we hope. chief congressional correspondent michaele salahi emanuel is live. 16trillion and counting is the debt. what are she's lawmakers perhaps making cuts in. >> you can cut individual perhaps from congressional spending but it won't amount to what is needed. here is...
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Dec 27, 2012
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that is entirely separate from fiscal cliff, totally separate from the debt ceiling crisis. i don't think, patti anne, you will have any impact on mortgage rates despite the crisis that is upon us. patti ann: that is good news for us. stuart varney, thank you as always. >> thank you. gregg: the debt ceiling first established in 1917. since then the debt limit has been raised 102 times, congress voted to raise the debt limit, 11 times since 2001. right now the national debt is over 16 trillion dollars and counting every second. there it is. patti ann: meanwhile hopes of a budget deal in washington and higher home prices are combining to send the price of oil back up again. heating oil rising four cents to more than $3 a gallon. wholesale gasoline rising six cents to $2.78 a gallon. current national average is $3.26. national gas up 4 cents to 3.38 for 1000 cubic feet. gregg: we are taking a dangerous winter storm blamed for nine death at this hour. that storm is slamming the northeast. this is video from worcester, massachusetts. this was actually this morning. you can see wh
that is entirely separate from fiscal cliff, totally separate from the debt ceiling crisis. i don't think, patti anne, you will have any impact on mortgage rates despite the crisis that is upon us. patti ann: that is good news for us. stuart varney, thank you as always. >> thank you. gregg: the debt ceiling first established in 1917. since then the debt limit has been raised 102 times, congress voted to raise the debt limit, 11 times since 2001. right now the national debt is over 16...
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Nov 26, 2012
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cliff which is fundamentally a huge tax increase and very little spending cuts. so we're facing this huge automatic tax increase that needs to be changed and it is going to take all of us working together because it would damage this economy if we have this kind of huge tax increase. but our democratic colleagues, all they want to talk about is, more taxes, more taxes, more revenue. they will not telling us where the money is going? they're not assuring that the money will be used to pay down the debt like it is suggested. so we need to see those numbers, what they planned, before any discussion is appropriate it seems to me. martha: you know, i mean, does take it from both sides. if you look at the republican side, basically they want to see cuts in spending and real entitlement reform and perhaps revenue that comes from the relief of some loopholes that are out there so that, bob corker i know has suggested maybe there be a $50,000 cap on the amount of deductions you can take in your taxes. republicans want to get there that way, not by raising any rates, corre
cliff which is fundamentally a huge tax increase and very little spending cuts. so we're facing this huge automatic tax increase that needs to be changed and it is going to take all of us working together because it would damage this economy if we have this kind of huge tax increase. but our democratic colleagues, all they want to talk about is, more taxes, more taxes, more revenue. they will not telling us where the money is going? they're not assuring that the money will be used to pay down...
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Oct 15, 2012
10/12
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this is based on a premise that fiscal cliff will go away. think there should be a another problem premise should be considered that is election result. there is possible much stronger economic growth next year if we put in place tax reform that is what the forecasts from the economists ignore. they're not counting in the possible results of election victory by republicans and mitt romney. martha: it appears incorporating status quo in terms of policy. one of the things that really caught my eye in this report, stuart, 55% of the economists think we won't reach the fiscal cliff. why? bush tax cuts will not be allowed to expire. even for the wealthiest. and also because they saw no significant cuts in spending. said the cuts that were spending would create this fiscal are never going to happen which does not bode well many would say for the future either. >> these economists simply can not believe politicians of either stripe would actually let america raise taxes and or lower spending at the a time which our economy is very, very week. that w
this is based on a premise that fiscal cliff will go away. think there should be a another problem premise should be considered that is election result. there is possible much stronger economic growth next year if we put in place tax reform that is what the forecasts from the economists ignore. they're not counting in the possible results of election victory by republicans and mitt romney. martha: it appears incorporating status quo in terms of policy. one of the things that really caught my...
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Nov 9, 2012
11/12
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meanwhile there are strong warning the fiscal cliff could have dire consequences. lay out the stakes here. what are they? >> according to the congressional budget office, the bean counters in congress, they say recession. if you cut spending and raise taxes as is planned january 1 you get a recession and a 1.9% -- you get a 9.1% unemployment rate next year. the republicans are saying do not raise tax rates. the democrats are saying, president obama and harry reid are saying tax the rich, raise tax rates. this is all about tax rates. the democrats led by president obama and harry reid, president obama will speak later today. their firm position for many years has been tax the rich. bill: what boehner is arguing you can find other sources of revenue by reforming the tax system. what does boehner get if he cuts a deal. >> if he cuts a deal and agrees to some kind of compromise where we do raise tax rates on the rich. there are two things may get in return. more spending cuts. at least the promise of more spending cuts. maybe that increase in tax rates could be limited
meanwhile there are strong warning the fiscal cliff could have dire consequences. lay out the stakes here. what are they? >> according to the congressional budget office, the bean counters in congress, they say recession. if you cut spending and raise taxes as is planned january 1 you get a recession and a 1.9% -- you get a 9.1% unemployment rate next year. the republicans are saying do not raise tax rates. the democrats are saying, president obama and harry reid are saying tax the rich,...
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Sep 28, 2012
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meanwhile the country is heading towards what has been talked about so much, the fiscal cliff that will kick in when we get into 2013, when the bush tax cuts expire and we've got 600 billion in spending cuts waiting around the corner. bob woodward talked about this. he talked about the efforts to avoid the fist alcliff and basically said that his reporting reveals that they have hit a wall because the president has a failure to community with lawmakers according to bob woodward, here is what he said. >> most of the most astonishing things is he doesn't have that relationship with his party leaders, harry reid has to go into the oval office with his chief of staff to make a point to the president that on these negotiations they didn't have a fullback plan. martha: can we get anywhere with any of this is the big question. tucker carlson shows me editor of "the daily callerrer" and a contribut fox news contributor and i'm joined by charles payne. nice to have you both. it's very distress tog a lot of peopling to a lot of people to look at the growth number and feel that it's not being disc
meanwhile the country is heading towards what has been talked about so much, the fiscal cliff that will kick in when we get into 2013, when the bush tax cuts expire and we've got 600 billion in spending cuts waiting around the corner. bob woodward talked about this. he talked about the efforts to avoid the fist alcliff and basically said that his reporting reveals that they have hit a wall because the president has a failure to community with lawmakers according to bob woodward, here is what he...
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Dec 19, 2012
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. ♪ martha: 13 days, that is all the time washington has to avoid the so-called fiscal cliff. there could be dire consequences for the economy if they are not able to reach some kind of deal on taxes and spending. both sides say they are looking for balance in this whole agreement they have yet to find. so the fitch ratings agency has now warned it may strip the united states of its aaa credit rating if washington is unable to strike a deal soon on this. meanwhile time is running out for that to be reached. >> in my view the american people know that republicans and conservatives in particular are for spending cuts and tax cuts. they know democrats are for increased spending and increased taxes. so at the end of the day whatever happens, whether it is expiration of push tax cuts or whatever, they're going to sort this out and know who is behind the increase in taxes and who is behind the cuts in spending. martha: all right. will they sort it out is the big question? standard & poor's as you may remember downgraded the u.s. government rating last year for the first time ever. w
. ♪ martha: 13 days, that is all the time washington has to avoid the so-called fiscal cliff. there could be dire consequences for the economy if they are not able to reach some kind of deal on taxes and spending. both sides say they are looking for balance in this whole agreement they have yet to find. so the fitch ratings agency has now warned it may strip the united states of its aaa credit rating if washington is unable to strike a deal soon on this. meanwhile time is running out for that...
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May 23, 2012
05/12
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is this the fiscal cliff people are talking about? >> it is. there is a big pileup at end of the year. all the tax rates are going up. marginal tax rates. dividends tax rates. estate tax. all these tax provisions expire. you've got this sequester which is going to take effect that would put draconian cuts into the defense budget and frankly that is a result of congress not having passed a budget in three years. the reason we got a sequester for the third consecutive year now the senate has not acted on a budget. this is what you end up with. that happens at end of the year. debt limit increase happens at end of the year. it will be very, very difficult if all these things come up in the haze of a lame-duck session of congress to make a lot of sense of it to the american people. i think, in our best interest to move and get some of these things addressed now as opposed to waiting till then. bill: how possible is that because i'm only hearing gridlock again, especially on the senate side? >> well i think that, ply hope would be at least we could
is this the fiscal cliff people are talking about? >> it is. there is a big pileup at end of the year. all the tax rates are going up. marginal tax rates. dividends tax rates. estate tax. all these tax provisions expire. you've got this sequester which is going to take effect that would put draconian cuts into the defense budget and frankly that is a result of congress not having passed a budget in three years. the reason we got a sequester for the third consecutive year now the senate...